Cash Converters profit jumps 39pc

Cash Converters profit jumps 39pc - The West Australian

Cash Converters has boosted its full-year profit by 33.8 per cent to $21.6m.

Shares in Cash Converters firmed after the short-term cash lender posted a 39.2 per cent jump in first-half profit to a record $18.4 million.

The result was achieved on revenue of $134.9 million, up 20.8 per cent on the previous corresponding period.

"The major drivers for revenue growth over the period included an increase in personal loan income of $16.7 million, an increase in corporate store revenue of $7.1 million and an increase in financial services administration fees of $1.1 million," the company said in a statement.

Cash Converters reported strong growth in its personal loan books across Australia and the UK.

The company also gave a positive outlook for the second half with expectations of continued growth across its Australian and UK loan books.

"The company launched an online cash advance product in December and we have high expectations that this will be as successful as the online personal loan product," Cash Converters said in a statement.

The company will pay an interim dividend of two cents a share fully franked, up from 1.75 cents previously.

Shares in Cash Converters were up 3.5 cents, or 2.92 per cent, to $1.235 at 10.45am.